COLUMBIA, S.C. – Governor Henry McMaster, Senate President Harvey Peeler, and House Speaker Jay Lucas today penned a letter to Frank Rainwater, Executive Director of the South Carolina Revenue and Fiscal Affairs Office (RFA) requesting that RFA issue a report on South Carolina’s outdated education funding formula and to suggest a new funding model that meets 11 requirements, as detailed in the letter.

The report and newly suggested formula will be used by the governor, Speaker of the House, President of the Senate, and other members of the General Assembly as they work together to pass reform measures.

“Reforming the education funding formula is a necessary step to ensure more equitable distribution of dollars to South Carolina’s school districts,” the state leaders wrote. “The formula must meet the requirements of the 21st century economy and a 21st century education. Proposals to offer more spending flexibility to school districts merit consideration.

“The primary funding formula for public education, the Education Finance Act, was established over forty years ago. That formula has become outdated and fails to provide sufficient measures of accountability in student outcomes. Therefore, we recognize the need to establish a new, updated funding model to guide state appropriations and local school district expenditures for public education in order to improve efficiency, transparency, accountability, and affordability.”

The letter specifies that RFA must provide the report to the cosigners by no later than May 9, 2019.